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Randgold "on track" to meet 2018 guidance despite challenges

Mining firm Randgold Resources is on track to meet its production guidance in 2018 amid a "record quarter" at its Kibali mine.

This comes despite a 12% drop in profit for the second quarter of 2018 (compared with the previous quarter) to $58.4m as increased profit from mining was offset by higher depreciation and costs.

The quarter's results highlighted the team's ability to deal effectively with multiple challenges, including the work stoppages, continuing negotiations with the Democratic Republic of Congo government about its new mining code, the sequencing of the Gounkoto pit pushback and Ntiola's permitting delay, said Chief executive Mark Bristow.

"The Tongon work stoppage is obviously a challenge, but we take comfort from the government's leadership in ensuring measures are taken to protect the assets and that they are dealing with the situation. We are still assessing its impact but at this stage we still believe that, given Kibali's strong performance, we are on track to be within the group production and cost guidance for 2018," he added.

Profit for the first half of 2018 stood at $124,892m from $187,712 a year earlier. Basic earnings per share decreased by 10% quarter on quarter to $0.55 and fell by 38% compared to the corresponding quarter in 2017, reflecting the lower profits in the current quarter.

Meanwhile, third-quarter gold production was up 9% quarter on quarter at 313,302 ounces, with the total cash cost per ounce down 3% at $697 and gold sales of $411.5m up 5% despite a lower gold price.

At 8:02am: (LON:RRS) Randgold Resources Ltd share price was -122p at 5376p

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